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To avoid negative surprises in performance reviews,managers should meet with employees to agree on clear goals for the upcoming year and then provide regular feedback and coaching as needed throughout the year if an employee's performance falls below expectations.
Opportunity Cost
The value of the next best alternative foregone as a result of making a decision; the cost of missing out on the second best choice while selecting among several options.
Supply Of Labor
The sum of hours employees are prepared and capable of working for a specified rate of pay during a particular time frame.
Labor Supply
The aggregate amount of time laborers are prepared and capable of working at a certain salary level.
Technological Advances
Refers to the progression and innovation in technology, leading to new products, processes, or the improvement of existing technologies.
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